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LABOR AGREEMENT: A formal, official, legal contract between a firm and the labor union representing the firm's employees. Such an agreement stipulates the various aspects of employment, including wages, fringe benefits, vacations, layoffs, promotions, and grievance procedures. The terms of the agreement are generally negotiated through the collective bargaining process. Should the collective bargaining process breakdown, the terms of the labor agreement might be helped along through a third-party mediator. If this doesn't help, then the labor union might call a strike or the firm might impose a lockout. Once in effect, any questions about the terms of the agreement are often subject to arbitration.
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BILATERAL MONOPOLY, FACTOR MARKET ANALYSIS The analysis of a factor market characterized by monopsony dominating the buying side and monopoly dominating the selling side indicates that the factor price and quantity exchanged depends on the negotiating power of each side. Ironically, the factor price is likely to be closer to the efficient price achieved with perfect competition than that achieved individually by either monopsony or monopoly.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"The two most powerful warriors are patience and time. " -- Leo Tolstoy, author
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UR
Unemployment Rate
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